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If on a DMP... Will it affect your home
debtfreeian
Posts: 146 Forumite
I'm probably just panicking.... The littlest thing sets me off.
Can you be forced to sell your house if going onto a DMP?
Can you be forced to sell your house if going onto a DMP?
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Comments
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debtfreeian wrote: »I'm probably just panicking.... The littlest thing sets me off.
Can you be forced to sell your house if going onto a DMP?
In a word, no, however, if any creditor takes litigation against you, they can apply for a charging order, this means the should you decide to sell your property, the creditor takes 1st cut of any profit, one other point you need to be aware, if a charging order is obtained, the creditor can seek a forced sale, this is highly unlikely, but it's something you need to be aware of.
Any questions, don't be afraid to ask.Click here for Martins (MSE) advice on who to contact with Debt Issues - YOU HAVE NO REASON TO USE A FEE PAYING DEBT MANAGEMENT COMPANY- THEY CANNOT DO ANYMORE FOR YOU THAN THOSE LISTED IN MY LINK ABOVE.
All information given by myself is offered informally and without prejudice - if in doubt seek help from a qualified and insured professional0 -
Thanks 10past6.
Does equity in a house make any difference. I reckon I've probably got 3 . 0 k- 4 . 0 k0 -
No we have closer to !00k equity and no-one has tried it.Barclaycard 3800
Nothing to do but hibernate till spring
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No, if you do decide on a DMP, make sure it's one of the free ones, look at my signature.debtfreeian wrote: »Does equity in a house make any difference. I reckon I've probably got 3 . 0 k- 4 . 0 kClick here for Martins (MSE) advice on who to contact with Debt Issues - YOU HAVE NO REASON TO USE A FEE PAYING DEBT MANAGEMENT COMPANY- THEY CANNOT DO ANYMORE FOR YOU THAN THOSE LISTED IN MY LINK ABOVE.
All information given by myself is offered informally and without prejudice - if in doubt seek help from a qualified and insured professional0 -
I've also got a fair bit of equity in my property and none of my creditors have tried it and I've been on my dmp for over a year now.Debt 30k in 2008.:eek::o Cleared all my debt in 2013 and loving being debt free
Mortgage free since 20140 -
OK thanks... Know I couldn't sell it at the mo even if I wanted to.0
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